Updated Apr 23, 2019

Pensioners chhattisgarh


myBit’s mission is to secure the lives of low-income families in their old age. It uses monthly crowdfunded lotteries, mobile money and nudges to incentivize new enrollment and disciplined savings by rural households in a guaranteed pension scheme.
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Santosh K

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Stage 3: Proof of Concept

myBit is being successfully piloted across 400 villages of rural India in Odisha and Karnataka and its effectiveness is being evaluated through an RCT (randomized controlled trial) methodology. myBit is supported by grants from USAID and SIDBI/DFID.

Registered in India.

Focus Areas:

Digital Development, Finance, Social Services and 4 MoreSEE ALL

Digital Development, Finance, Social Services, Digital Inclusion & Connectivity, Social & Micro Finance, Digital Finance and TechnologySEE LESS

Implemented In:



Lives Impacted to Date
Country Implemented In
Funds Raised to Date
Verified Funding


~91% of India’s 500 million workers are employed in the informal sector. Over 220 million of these are low-income farm laborers not covered by any social security scheme. In August 2015, Government of India introduced a contributory pension scheme called APY (Atal Pension Yojana) that guarantees a monthly old-age pension to a worker provided h/she commits to making small, monthly savings in a pension account for at least 20 years. myBit accelerates enrollment of low-income workers in APY.



myBit uses a combination of informational, behavioral nudges and fiscal rewards to encourage small farmers to save for old-age pension. This includes a) regular knowledge sessions on APY scheme conducted by myBit appointed community resource persons in subject villages, b) personalized SMS reminder messages and distribution of commitment devices for “top-of-mind” salience, and c) monthly crowdfunded lotteries that induce positive savings behavior by rewarding beneficiaries who save regularly.

Target Beneficiaries

myBit is being implemented across 400 villages in the states of Odisha and Karnataka. Over 20,000 households are currently being benefited by myBit interventions.

Mission and Vision

myBit addresses the dire problem of income security of marginal farmers and laborers comprising half of the 450 million informal workforce in India. ~80% of Indian farmers lack adequate safety nets in their old age. The problem of agrarian distress will grow more acute as the proportion of elderly farm laborers is expected to grow from 8% to 18% by 2050. myBit seeks to ensure that poor farmers who devote their entire lives to getting food on our plates do not go hungry in their sunset years.

Innovation Description

myBit leverages the scale, scope and ubiquity of the Internet, the arrival of affordable ICT devices and fintech technologies to enhance low-cost access to retirement capital to informal workers in rural India. With the emergence of Web 2.0 technology, Internet-based crowdfunding has been used to source billions of dollars for international development across more than 600 platforms worldwide. myBit uses an innovative conditional reward model that combines commissions, co-payments and cash rewards to promote increased participation in the old-age pension program.

Competitive Advantage

a) Conventional approaches use crowdfunding platforms to disburse cash to needy households for a wide variety of needs. myBit is focused exclusively on social protection. b) myBit is combining crowdfunded lottery with a ground force of local resource persons in the villages (e.g., health workers, government school teachers, self-help groups, local youth) to spread awareness about the APY scheme and achieve a more fundamental and far-reaching impact on pension coverage of unorganized workers compared to competitive solutions. c) myBit is also planning to introduce a new concept called “discount splitting” in the future whereby online shoppers can share savings with low-income families as retirement co-contributions. d) myBit transactions will be personalized by providing a donor the flexibility to create a personal “support circle” of low-income households whom he/she can support on a regular basis.

Planned Goals and Milestones

a. Expanding the myBit project to one more state in India (Kerala) and to additional districts in Odisha and Karnataka spanning 2000 villages across the three states. b. Appointing trained local resource persons in all subject villages to promote Government of India's old-age pension scheme and using crowdfunding to incentivize new enrollment and increased savings participation through monthly lotteries. c. Introduce myBit scratch cards of various denominations and expand retail partnerships.
Funding Goal300,000
New Implemented CountriesIndia


Mar 2019
Recognition ReceivedPENDING
Mar 2019
Lives Impacted
Date Unknown
Date Unknown
New Country Implemented In